SUPPORTING THE MIDDLE CLASS AND BUILDING MORE HOMES, FASTER

On November 21, 2023, the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, tabled the 2023 Fall Economic Statement (FES), outlining our plan to continue building a strong economy that works for everyone – with good, middle-class jobs that Canadians can count on and investments to help them get ahead.

Our Economic Plan is delivering results – over a million more Canadians are working today compared to before the pandemic, inflation is coming down, and wage increases are outpacing inflation.

The FES highlights two key areas: supporting the middle-class and building more homes, faster. With these measures, we are taking further action to ensure Canada’s finances remain sustainable – and that we can continue to build a stronger economy that works for everyone.

Investing in Affordable Housing and Building More Homes Faster

• We are making it easier to become and remain a homeowner in times of high interest rates. Through the new Canadian Mortgage Charter, we are detailing the tailored mortgage relief that Canadians can expect from their banks if they are in financial difficulty.
• Canadian homes are for Canadians to live in. That is why we are cracking down on non-compliant short-term rentals and providing support to municipalities that are enforcing restrictions on short-term rentals.
• We are supporting co-operative rental housing by investing $309.3 million in the Co-operative Development program and removing the GST on construction of new co-op rental housing.
• Our government is investing $15 billion in additional loan funding for the Apartment Construction Loan Program, previously known as the Rental Construction Financing Initiative (RCFi), to support more than 30,000 new homes across Canada.
• By breaking down labour mobility barriers and prioritizing construction workers for permanent residency, we are helping create good, middle-class jobs and supporting Canada’s labour market.
• Through this year’s FES, we provided an update on our $4 billion Housing Accelerator Fund. To-date, we have signed ten agreements, worth over $1.6 billion, to build over 21,000 homes, and more on the way.

Supporting a Strong Middle Class

• Our government is strengthening the tools and powers available to the Competition Bureau to crack down on unfair prices that drive up costs for Canadians.
• We are working with banks, the Canadian Transportation Agency, and the Canadian Radio-television and Telecommunications Commission to crack down on junk fees.
• To make mental health care more accessible and affordable, we are proposing to remove the GST from psychotherapy and counselling services.
• We are providing 15 weeks of shareable Employment Insurance benefit to new adoptive parents, including surrogate parents.
• Our government is providing new paid leave for workers in federally regulated sectors who experience pregnancy loss.
• To reflect the realities of modern banking, we are working with the Financial Consumer Agency of Canada to improve the features of low- and no-cost bank account.
• We are continuing to work toward implementing the Canadian Dental Care Plan to support up to nine million uninsured Canadians who have an annual family net income of less than $90,000.
• We are ensuring that Canada’s five largest grocery chains, which represent 76 per cent of the grocery market, stick to their commitments to stabilize prices.

This year’s Economic Plan is the next phase of our plan to build a strong economy that works for everyone. With a focus on supporting the middle class and accelerating the housing supply, we are taking action on the priorities that matter most to Canadians today.